Odd Lot Index

LyondellBasell Industries N.V. LYB

Terms unclear

Unclear — read the filing yourself
In a Dutch auction, tendering too high can cost you the priority. The company picks the lowest price that buys the shares it wants, and everyone at or below that price gets it. Tender above it and your shares come back unpurchased — and because you are not in the accepted pool at all, the odd-lot priority never applies. Most offers have a box meaning "accept whatever price is determined", which keeps you in the pool; the trade-off is that you give up any say in the price. The filing explains both.
StatusClosed
Closing date2019-07-08
How it is pricedDutch auction
Odd-lot thresholdFewer than 100 shares
Must tender everything you holdYes
Must tick the odd-lot box on the formNot stated
Price offeredUSD $88.00 per share
Most an odd-lot tender could be$8,712.00

Where each of these comes from

Every line above was read out of the filing. Here is the wording it was read from, so you can check it.

expiry = 2019-07-08...ice Not Greater than $88.00 per Share Nor Less than $77.00 per Share and Not to Exceed 110% of the Daily VWAP on the Expiration Date CUSIP: N53745100 THE OFFER, PRORATION PERIOD AND WITHDRAWAL RIGHTS WILL EXPIRE AT ONE (1) MINUTE AFTER 11:59 P.M., NEW YORK CITY TIME, ON JULY 8, 2019, UNLESS THE OFFER IS EXTENDED OR TERMINATED (SUCH DATE AND TIME, AS THEY MAY BE EXTENDED, THE "EXPIRATION DATE"). LyondellBasell Industries N.V., a Dutch public company with limited liability (the "Company," "LyondellBasell," "we," "us" or...
listed = True...the commencement of the Offer, was $79.2761 and 110% of that amount was $87.2037. THE OFFER IS NOT CONDITIONED ON ANY MINIMUM NUMBER OF SHARES BEING TENDERED. THE OFFER IS, HOWEVER, SUBJECT TO CERTAIN OTHER CONDITIONS. SEE SECTION 7. The Shares are listed and traded on the NYSE under the trading symbol "LYB." On June 7, 2019, the last full trading day prior to the commencement of the Offer, the last reported sale price of the Shares was $79.22 per Share. Shareholders are urged to obtain current market quotations for the Shares before deciding whether and at what purchase price or purchase prices to tender their...
mechanism = DUTCH...-term goal of allocating capital to maximize value for our shareholders and other stakeholders. The Offer also provides a mechanism for completing our authorized share repurchase program more rapidly than would be possible through open market repurchases. The modified Dutch auction tender offer set forth in this Offer to Purchase provides our shareholders with the opportunity to tender all or a portion of their Shares and thereby receive a return of some or all of their investment in the Company if they so elect. The Offer also provides our shareholders with an efficient way to sell their Shares without incurring b...
must_tender_all = True...e been properly tendered and not properly withdrawn prior to the Expiration Date, we will purchase Shares on the following basis: •first, we will purchase Odd Lots (as defined in Section 1) of less than 100 Shares at the Final Purchase Price from shareholders who properly tender all of their Shares at or below the Final Purchase Price and who do not properly withdraw them before the Expiration Date. Tenders of less than all of the Shares owned, beneficially or of record, by such Odd Lot Holder (as defined in Section 1) will not qualify for this preference; •second, after purchasing all Odd Lots that were properly tendered at or bel...
price = USD 88.0...urchase hereunder represent approximately 10.0% of our issued and outstanding Shares. Assuming that the maximum of 37,000,000 Shares are tendered in the Offer at the maximum Final Purchase Price of $88.00 per Share, the aggregate purchase price will be approximately $3,256,000,000. Assuming that the maximum of 37,000,000 Shares are tendered in the Offer at the minimum Final Purchase Price of $77.00 per Share, the aggregate purchas...
threshold = 100...mpany. Therefore, because of "Odd Lot" priority, proration and conditional tender provisions described above, we may not purchase all of the Shares that you tender even if you tender them at or below the Final Purchase Price. See Section 1 and Section 6. If I own fewer than 100 Shares and I tender all of my Shares, will I be subject to proration? If you (i) own, beneficially or of record, fewer than 100 Shares in the aggregate; (ii) properly tender all of these Shares at or below the Final Purchase Price and do not properly withdraw them before the Expiration Date; and (iii) complete the section(s) entitled "Odd Lots"...
txn_type = TENDER_OFFEREX-99.(A)(1)(A) 2 a2238999zex-99_a1a.htm EX-99.(A)(1)(A) Use these links to rapidly review the document TABLE OF CONTENTS EXHIBIT (a)(1)(A) Offer to Purchase by LyondellBasell Industries N.V. Up to 37,000,000 of its Ordinary Shares At a Cash Purchase Price Not Greater than $88.00 per Share Nor Less than $77.00 per Share and Not to Exceed 110% of the Daily VWAP on the Expiration Date CUSIP: N53745100 THE OFFER, PRORATION PERIOD AND WITHDRAWAL RIGHTS WILL EXPIRE AT ONE (1) MINUTE AFTER 11:59 P....

The filings

FiledFormRoleOn EDGAR
2019-06-10SC TO-Ioriginal (governing)View